CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net loss	$ (258,757)	$ (157,863)	$ (141,429)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	3,380	3,177	3,008
Amortization and premium of marketable securities, net	(5,855)	(15,749)	(6,222)
Loss on disposal of assets	12	16
Stock-based compensation expense	36,217	34,242	23,890
Changes in operating assets and liabilities:
Accounts and other receivables	(1,315)	1,928	(2,281)
Prepaid and other current assets	8,706	(19,887)	5,900
Other assets	(3,611)	(9,640)	(3)
Accounts payable and accrued expenses	11,031	11,634	9,384
Other liabilities	(753)	(5,636)	462
Net cash used in operating activities	(210,945)	(157,778)	(107,291)
Cash flows from investing activities:
Sales and maturities of marketable securities	596,288	501,714	320,597
Purchases of marketable securities	(384,502)	(789,924)	(424,561)
Acquisition of property and equipment	(2,714)	(1,919)	(1,818)
Net cash provided by (used in) investing activities	209,072	(290,129)	(105,782)
Cash flows from financing activities:
Net proceeds from stock issuances		432,298	216,222
Proceeds from issuance of stock from employee benefit plans	2,388	9,151	2,236
Net cash provided by financing activities	2,388	441,449	218,458
Net increase (decrease) in cash and cash equivalents	515	(6,458)	5,385
Cash and cash equivalents at beginning of period	28,356	34,814	29,429
Cash and cash equivalents at end of period	28,871	28,356	34,814
Non-cash investing activities
Accrued construction in progress	$ 98	$ 27	$ 77